GLEN RIDGE, N.J. — Locally based developer JMF Properties has broken ground on Clarus Glen Ridge, a 110-unit multifamily community in Glen Ridge, located northwest of Newark. The transit-served property will offer one- and two-bedroom units and an array of amenities, including a fitness center with a yoga studio, business center, library, billiards room and outdoor grilling and seating areas. JMF Properties expects to open the property in spring 2020.
LIVINGSTON, N.J. — Locally based development and management firm Eastman Cos. has refinanced The Shoppes at Livingston Circle, a 95,809-square-foot retail center in Livingston, an eastern suburb of Newark. Built in 1993 and anchored by German discount grocer Aldi, the property was 80 percent leased at the time of sale to tenants such as Olive Garden, Goldfish Swim and Club Pilates. Jon Mikula and Jim Cadranell of HFF placed the loan, which features a 12-year term and a fixed interest rate, on behalf of Eastman. The lender was not disclosed. There are more than 150,000 residents earning an average annual household income in excess of $190,000 living within a five-mile radius of the center, which has been extensively redeveloped over the past two years.
MAPLEWOOD, N.J. — G.S. Wilcox & Co., a New Jersey-based mortgage banking firm, has arranged a $32 million loan for the refinancing of Maplewood Crossing, a 151-unit apartment community located about 10 miles southwest of Newark. Robert Logan and Al Raymond of G.S. Wilcox placed the loan, which included a 20-year term and a 30-year amortization schedule, on behalf of the borrower, local developer Elite Properties.
CHERRY HILL, N.J. — Newmark Knight Frank (NKF) has arranged the sale of a 183,000-square-foot mixed-use property in Cherry Hill, an eastern suburb of Philadelphia. The sales price was approximately $13.6 million. The facility, which was fully leased to Hikma Pharmaceuticals at the time of sale, includes warehouse, office, distribution and lab space. The property’s location offers convenient access to Interstate 295 and the New Jersey Turnpike. Mike Margolis, Dave Dolan, Dave Garonzik, Kenneth Zakin and David Noonan of NKF represented the seller, Ingerman & Ginsburg, in the transaction. The buyer was not disclosed.
BRICK, N.J. — Lancaster Pollard Mortgage Co. has provided a $17.3 million HUD loan to refinance Willow Springs, a skilled nursing facility in Brick, located in New Jersey’s northern coastal region. The borrower was local investment firm Tryko Partners LLC, which purchased the community from its developer, NuVision Management, in 2013 and subsequently rebranded it. At that time, Willow Springs featured 148 skilled nursing beds with expansion potential and an assisted living component that could accommodate 23 clients. Tryko then implemented a $1 million improvement plan that delivered an expanded rehabilitation facility with cutting-edge equipment and technology and updated common areas, patient rooms and assisted living accommodations.
WEST ORANGE, N.J. — The Township of West Orange, located just west of Newark in New Jersey, has acquired Montclair Golf Club at Rock Spring, a 138-acre course and future commercial development site. The sales price was $11.1 million. The site is located near Interstate 280 and is situated adjacent to South Mountain Reservation, a 2,000-acre park featuring a zoo, indoor ice skating rinks, walking trails and miniature golf. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented seller Montclair Golf Club in the transaction. The buyer did not disclose specific development plans.
EAST RUTHERFORD, N.J. — Global third-party logistics firm OmLog has signed a 100,031-square-foot industrial lease at Goodman Industrial Center Murray Hill in East Rutherford, N.J., located across the Hudson River from Manhattan. OmLog, which leased the entire facility, has its North American headquarters in nearby Seacaucus, N.J. Goodman Industrial Center Murray Hill, which is owned by California-based Goodman Group, features 20-foot clear heights and 7,000 square feet of office space. The property also offers convenient access to I-80, the New Jersey Turnpike and multiple international airports.
Strengthening office performance in the northern New Jersey marketplace signals good things to come as 2019 unfolds. The market yielded approximately 292,000 square feet of net occupancy gains in 2018. This was fueled by three straight quarters of more than 1 million square feet in new leasing activity, with annual demand finishing 15.4 percent ahead of 2017. This progress runs parallel to improving employment numbers. At year-end, the Garden State unemployment rate registered at 4 percent, its lowest point since mid-2001. This marks a 70-basis-point decline year-over-year, with private-sector employment increasing by almost 62,000 jobs. Within this context, the diversity of New Jersey’s tenant mix is making itself apparent. No one sector is predominantly making waves. We are seeing healthy Class A leasing activity among life sciences, technology, financial, professional services and a range of other space users that comprise the state’s balanced occupier base. Last year was proof that both urban and suburban submarkets continue to thrive. Where one company prefers the Hudson Waterfront with immediate access to mass transit and ability to draw talent from New York City, another may seek a suburban campus that draws upon a labor force of commuters driving from the state’s western counties …
PARAMUS, N.J. — The Goldstein Group, a brokerage firm based in New Jersey, has negotiated the sale of a 17,661-square-foot retail asset in Paramus, located directly across the Hudson River from The Bronx. Outdoor furniture store Harrow’s most recently occupied the property. Before Harrow’s, Maurice Villency Furniture leased the space for more than 30 years. Lew Finkelstein and C.J. Huter of The Goldstein Group represented the seller, 685 LLC, in the transaction. The buyer was a subsidiary of J&M Furniture.
NUTLEY, N.J. — NorthMarq Capital has arranged a $16 million Freddie Mac loan for the refinancing of Village Manor, a 227-unit multifamily community in the western Manhattan suburb of Nutley, N.J. The garden-style property features one- and two-bedroom units and is located near a variety of retail and restaurant establishments, as well as public transportation lines. Robert Ranieri of NorthMarq arranged the loan, which was structured with a 10-year term and 30-year amortization schedule, on behalf of an undisclosed borrower.
